Friday, March 27th, Attorney, Paula Mattson-Sarli talks about when naming the Trust as an owner or beneficiary and what it means.
We want the Trust to be the owner or beneficiary of all accounts that it can be. Some financial institutions make this easy to do, others not so much.
We provide our clients with a recommendations list that highlights how to get this done. This is helpful, because if you pass it can be a simple matter of updating trustees and tax ID.
If you are married, it’s usually joint and only the SSN of surviving spouse would be updated. If it is a life insurance policy, then just make sure to be consistent with whatever the company has on file.
This can make it as seamless as possible for those who step in such as children or the surviving spouse.
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